Sources claim that Nolan is the frontrunner, although he is reluctant to join the project due to its similarities to Inception.

Bay, meanwhile, is allegedly torn between his fondness for the script and his passion project - bodybuilder comedy Pain and Gain.

The Warner Bros wishlist is also said to include Children Of Men director Alfonso Cuaron, Harry Potter and the Deathly Hallows helmer David Yates and Rupert Wyatt, who crafted summer blockbuster Return to the Planet of the Apes.

Unlike the 1983 Twilight Zone film, in which four directors produced different segments, the new picture will be overseen by one person and feature a single storyline.